Legal Question in Civil Rights Law in India

Dear Sir

To precisely reply to your query, the provisions in the Contract are required to be perused, then only it can be advised as to whether you can cancel the deed or not, also if you cancel the deed then whether any penalty or interest is payable or not.

Remember, under the law of Contract, even if there is no mention about penalty or interest, then also, court has ample power, in given cases, to order damages for wrongful termination of contract to the detriment of other party and impose penalty and interest. So facts are required to be minutely analyzed to know what can be the consequences.

Normally, a contract can be revoked at the behest of any party, and a contract once rescinded cannot be performed. However, this is subject to the terms of the Agreement.

So subject to terms and conditions of your agreement, you can send the Notice of Termination of Contract, and also send along with the Notice, Cheque of the earnest money. Make specific averment in notice that realization of such cheque shall deem to be acceptance by the Buyer as full and final settlement of all claims.

Should you have any questions, then feel free to contact me.

Regards

Vivek N Mapara

vnmlaws.com